S&P Global reported that Guyana anticipates supplying Europe with the majority of its increased crude oil output. The South American nation supplied an average of 286,000 barrels per day to Europe in 2024, according to S&P Global Commodities at Sea.
“Guyana expects most of its additional crude output to supply Europe – already the key market for barrels for the government’s share of production,” S&P said on April 30.
U.S., Europe vie for Guyanese crude as Mexican exports decline, analysts say | OilNOW
European refiners have shown strong demand for Guyana’s light, sweet crude grades—Liza, Unity Gold, and Payara Gold. These crudes are similar to West African and U.S. grades and differ from the heavier, sour grades offered by many OPEC+ producers in the Middle East.
Liza crude, one of Guyana’s flagship grades, typically has a specific gravity of 31.9 API and a sulfur content of 0.59%. Platts assessed Liza at US$63.385/b on April 29.
Europe’s interest in Guyanese crude surged after Russia’s invasion of Ukraine, which disrupted traditional supply chains. In 2023, 62% of Guyana’s crude exports went to Europe. That figure rose to 66% in 2024, according to shipping data from the London Stock Exchange Group (LSEG).
Europe took 75% of Guyana’s oil cargoes in January | OilNOW
In January, 15 out of 20 crude lifts—each approximately one million barrels—from the Stabroek Block were sent to Europe, according to Guyana’s Maritime Administration Department and vessel tracking services.
All production takes place in the Stabroek Block. ExxonMobil operates the block with a 45% stake, while Hess owns 30% and CNOOC holds 25%
